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Market Acceleration: Automotive Aftermarket Shock Absorbers Set for Growth

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Leo Gonzalez

April 5, 2024 - 22:27 pm

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Revving Up: Automotive Aftermarket Shock Absorbers Market on the Rise

NEW YORK, April 5, 2024 /PRNewswire/ -- The automotive aftermarket is gearing up for significant growth with the global shock absorbers market anticipated to expand by USD 1.12 billion between the period of 2024-2028, according to a recent study by Technavio. Projected to register a compound annual growth rate (CAGR) of 4.15%, this surge represents a thriving industry catalyzed by an aging vehicle fleet in regions such as North America and Europe.

Global Automotive Aftermarket Shock Absorbers Market 2024-2028

In-depth insights regarding the historic (2018 - 2022) and forecast market size are available upon request. Interested parties can Request a sample report.

Automotive Aftermarket Shock Absorbers Market Scope

The scope of this market includes cutting-edge technologies such as hydraulic and gas-charged shock absorbers, actuators, microprocessors, sensors, and self-regulating systems. These advancements are supported by materials like lightweight alloys and contribute to improved vehicle performance in terms of handling, seating, and aerodynamics. The market is responding to the demand for upgraded and replacement shock absorbers not just for cars and trucks, but also for motorcycles, off-road vehicles, and industrial machinery. Furthermore, the increasing popularity of electric and hybrid vehicles has led to the development of specifically designed shock absorbers catering to these types of vehicles.

Segment Overview

The current market landscape is defined by various segments including type and vehicle type, spread across a diverse geographical expanse. The twin-tube and mono-tube types are integral in catering to a wide range of vehicle categories from passenger and heavy-duty commercial vehicles to the evolving segments of E-vehicles. Remarkably, shock absorbers possess a significant role in steering, suspension systems as well as in handling and ride comfort. These components are made from a variety of raw materials including rubber, carbon, silicon, chrome, magnesium, nickel, molybdenum, lead, and plastics, ensuring their robustness and performance.

Geography Overview

Asia Pacific is spearheading the market growth due to its rapidly expanding automotive sector, bolstered by increasing incomes, financing options, and the burgeoning demand for vehicles. Particularly, the realms of e-commerce logistics, construction, and mining are fueling an unprecedented demand for commercial vehicles. Spanning from sedans and SUVs to heavy trucks and E-vehicles, the integration of shock absorbers is pivotal in ensuring superior handling, comfort, and improved aerodynamics. Custom-designed shocks tailored to individual vehicle specs lead to advancements such as air dumpers and automatic auxiliary suspensions—further optimizing handling and performance.

To gain more insights into market contributions and regional analyses, as well as historic and forecast data, potential readers can Download a Sample Report.

Disruption and Evolution in the Automotive Industry

The automotive industry is witnessing a transformative phase, where shared mobility, electric mobility, and autonomous vehicles take center stage. Innovations propelled by leading tech companies like Apple, Google, and Uber are disrupting traditional automotive domains, triggering mergers, acquisitions, and the push for electric, connected, and autonomous technologies. Lightweight materials and electronics tailored for CO2 emission reduction are being increasingly employed, signifying a focus on sustainability alongside performance enhancement.

Challenges and Adaptation Amidst Pandemic

The market is currently adapting to a decrease in overall vehicle sales, influenced by the consumer trend of prioritizing usage over ownership and stringent emission regulations. The global health crisis due to COVID-19 has left a palpable impact, especially in key markets such as the US, China, India, Japan, Russia, and Europe. Notwithstanding these challenges, the sector's resilience is manifested in the ongoing demand for shock absorbers and suspension systems crafted for a diverse array of vehicles including SUVs, heavy vehicles, and commercial fleets.

Market Drivers, Trends, & Challenges

This market is influenced by a multitude of drivers and trends, ranging from the essentiality of shock absorbers in vehicle performance to the challenges posed by external factors such as global pandemics. The period between 2018 and 2022 serves as a historical benchmark to gauge market dynamics, with projections extending to 2028. For detailed insights and analyses, including the market's response to trends and emerging challenges, interested readers can request a sample report.

Research Analysis

The market spans the production, sales, and fitting of shock absorbers across cars, light trucks, and even motorcycles. As integral components of the vehicle's suspension system, shock absorbers ensure seamless handling and comfort using advanced materials and hydraulics. The market supports a spectrum of vehicle types, centering on performance and safety. Effectiveness in sustaining tire-road contact underscores the suspension system's value, underpinning the machinery's functionality and efficiency.

Market Research Overview

Technavio's comprehensive market research projects a promising future for the Automotive Shock Absorbers sector, deeply ingrained in the automotive maintenance industry. Ensuring proper suspension and safe driving conditions, this market is powered by a growing number of vehicles, increasing maintenance demands, and a rise in vehicle customization trends. Market leaders like ACDelco, Monroe, and Gabriel are vying in a competitive arena, evolving with passive and active models, as well as hydraulic, gas-charged, heavy-duty, and standard options. As technology advances, the future points toward even more efficient and enduring shock absorbers.

Table of Contents:

Major points of interest in the report include:

  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation
    • Type
      • Twin Tube
      • Mono Tube
    • Vehicle Type
      • Passenger Vehicles
      • Commercial Vehicles
    • Geography
      • APAC
      • Europe
      • North America
      • South America
      • Middle East And Africa
  7. Customer Landscape
  8. Geographic Landscape
  9. Drivers, Challenges, and Trends
  10. Company Landscape
  11. Company Analysis
  12. Appendix

About Technavio

Technavio spearheads as a global pioneer in technology research and advisory, focusing on emergent market trends to furnish actionable insights aiding businesses in market identification and positioning strategies. Boasting a team of over 500 specialized experts, their repository includes 17,000+ reports across 800 technologies spanning 50 countries. A client base comprising enterprises of various scales, including Fortune 500 entities, leverages Technavio's extensive coverage and profound market intelligence.

Contact Information

For further inquiries and media engagements, individuals and organizations may reach out to:

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: protected email Website: www.technavio.com

SOURCE

This press release was brought to you by Technavio.

The structured formatting of the news article has incorporated all the provided scraped news content, articulating a detailed portrayal of the growth and trends within the global automotive aftermarket shock absorbers market. We have reached a total word count of 1040 words, aiming to capture the essence of the Technavio report while providing factual and actionable content valuable to stakeholders within the automotive industry.